There are no shortages of silver or gold. Some European countries sold some reserves which affected prices and they haven’t replaced it because of uncertainty over tariffs. There is no clear information about how precious metals will be affected by tariffs, if at all. Uncertainty on multiple global levels is pushing metals prices up. American refiners are overwhelmed with companies wanting to refine large quantities of silver scrap and silver coins to put it into a more uniform medium such as bars or rounds. There’s a backlog of that work. Yes, the U.S. dollar is under some stress but the sky is not falling. This is a simplified version- it’s not a simple situation. Information coming out of China is generally unreliable.
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Looks like the metals adjustment I thought would happen is here.
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Some price stability in the market would be a blessing going forward, but the 1,5, and 10 year trend lines don‘t look good for that prospect in the long term.
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back up over 53.00 again
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Silver just closed above $57 per ounce on the international market.
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International silver over $58 per ounce and gold is headed to $4300. Not sure if it’s a response to China outlawing cryptocurrency or something the US said.
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Carry Trade Unwinds → Gold & Silver Usually Surge. Japanese interest rates are rising.
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Just checked Rio Grande’s prices for milled sterling sheet. 1 Troy ounce of sterling sheet is a whopping $79 today. This is price craftspeople are paying the supply house. Rio is charging a whopping $21 an ounce over spot price. As recently as January of 24’ we were still looking at $20 silver (which seemed high at the time). For perspective, silver is now trading at nearly three times that, and the supply house markup alone on milled sheet is $21.
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